The list of recognised stock exchanges has since 1970 included any exchange registered with the Securities and Exchange Commission (SEC) of the United States as a national securities exchange. This definition includes the New York Stock Exchange (NYSE) and NASDAQ Stock Market.

Shares on the AIM (the Alternative Investment Market which came into being in July 1995) do not satisfy the requirements of paragraph 17(a). Although these markets are part of the Stock Exchange, they are not “listed” on it, i.e. included on the Official List.

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